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Agronoticias: Agriculture News from Latin America and the Caribbean
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Latin America and The Caribbean

15/08/2018

Trust: A Key Factor For The New Latin American Consumer

Food & drink is the industry with the highest trust rating in Latin America.

Fruit processing plant in Chincha, south of Lima.

The strength of private consumption in Latin America is one of the many indicators that reflect a number of changes, especially growth of urban population -it is calculated that 85% of the Latin American population will live in urban areas by 2030-; rise of single-person households -the number is rising to unprecedented levels in the region-; older consumers -those aged over 65 currently represent 7% of the Latin American market, and is expected to reach 15% by 2020; and increasing income of Latin American households, mostly as a result of the larger number of women in the labor market.

Just as in other parts of the world, these socio-demographic movements accompany global trends that have given consumers more power in their interactions with business. These include increased connectivity -more than 61% of the population in the region is now connected to the internet-; e-commerce -expected to grow by 16% over the coming years-; and hypertransparency -the relationship between brands and consumers now require a more direct, transparent approach-.

Author: Llorente & Cuenca
This article is incomplete. Click here to read the full text from its original source, The Holmes Report
Photo Credit: UNIDO (CC BY 2.0)

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